Tuesday, October 19, 2010

Another Reason Why Warren Buffett Kicks Ass... part 2

"You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?" - W.E.B.

While I still want to back our currency with a combination of raw materials (including gold), this is a great way to examine the intrinsic value of metal.